Greens call on Government to scale up climate adaptation finance following Central Bank and CCAC report

The Green Party has called on the Government to endorse the main proposals for scaling up climate adaptation financing outlined in the recent joint report by the Central Bank of Ireland and the Climate Change Advisory Council (CCAC).

Climate adaptation is not about reducing emissions: it is about dealing with the changes that climate change brings, such as building flood defenses.Cllr. Hazel Chu, Green Party Spokesperson for Public Expenditure, added:

“This report highlights that gaps in insurance coverage and data continues to hold back communities and businesses from making the investments that they need to adapt to climate risks. 

"We need coordinated engagement between the Government, local councils and insurance providers to ensure climate adaptation measures are recognised, rewarded and financed."

The Green Party recently criticised the Government for inaction on insurance reform and confirmed that it will publish a comprehensive policy paper in the coming months to address the issues raised in the report.

Cllr. Chu continued:

"Climate adaptation isn’t just about protecting infrastructure - it’s also about safeguarding people, their homes and their livelihoods."If the Government helps to facilitate serious investment in climate adaptation now, this will save the State and our local authorities far greater costs down the line.

"We strongly support the report’s call for improved data sharing, integration of adaptation measures into public investment planning, and continued investment in flood defences to protect communities most at risk.”

Cllr. Michael Pidgeon, Green Party Spokesperson for Finance, said:

“The CBI and CCAC’s joint report is very clear: Ireland’s deployment of climate adaptation finance has been far below what’s needed to address the growing risks posed by climate change.

"Government must now set out their plan to overcome the barriers identified in the report - from high upfront project costs, to fragmented access to funding, and the absence of clear investment pathways.

"Ministers must create the conditions to attract and facilitate investment in adaptation projects at both national and local levels. 

"If we fail to face up to the inevitable impacts of extreme weather events like Storm Éowyn in the future, our economic and financial resilience will be seriously tested.”